We are certain that in many cases Hotels will be surprised to find that certain market segments will be price insensitive.

However, since demand is actually quite insensitive to price in the short run, it takes a very large price rise to bring global demand into line with supply.

To the extent that valuations are being driven up by price-insensitive VCs, they'll fall again if VCs become more like super-angels and start to become more miserly about valuations.